Date:01/11/2007 URL: http://www.thehindu.com/2007/11/01/stories/2007110156351800.htm

Business

Tata Steel to set up cold rolling mill in Vietnam

Special Correspondent

Signs MoU with Vietnam Steel Corporation

Tatas will have majority stake in cold rolling complex
To carry out study for a project in
Ha Tinh province

KOLKATA: Tata Steel has signed a memorandum of understanding (MoU) with Vietnam Steel Corporation (VNSTEEL), Vietnam’s largest steel company, for a cold rolling mill complex in Vietnam. Tata Steel is likely to hold a majority stake in the project.

In a statement, Tata Steel said that the MoU was signed at Hanoi on Wednesday by Dau Van Hung, President of Vietnam Steel Corporation, and Hemant Nerurkar, Chief Operating Officer (Steel) of Tata Steel, in the presence of senior government officials of Vietnam, the Indian Ambassador to Vietnam, Chairman VNSTEEL, and Tata Steel’s Chief Executive (South East Asia Projects), besides others.

Tata Steel already has a joint venture with VNSTEEL for rolling mills through Natsteel, Tata Steel’s Singapore-based subsidiary.

Moreover, Tata Steel and VNSTEEL are in the process of carrying out a feasibility study for a steel project in Ha Tinh province for which an MoU was signed on May 29, in Hanoi.

Tata Steel, in co-operation with VNSTEEL, will undertake a feasibility study for the cold rolling project. On successful completion of the study and financial closure, Tata Steel will have a 65 per cent stake with VNSTEEL having the remaining portion.